Wheat, Soy Export Sales Bearish

By Todd Hultman
DTN Analyst

OMAHA (DTN) -- This week's export sales report should be viewed as bearish for wheat and soybeans and neutral for corn and milo, according to DTN Analyst Todd Hultman.

Weekly export sales of corn showed a total of 49.5 million bushels (mb) (1,256,900 metric tons) with 33.0 mb (838,600 mt) for the 2017-2018 marketing year. This put total marketing year sales at 2.177 billion bushels (bb), 2% above the previous marketing year. Weekly export shipments of 57.0 mb (1,448,500 mt) put total marketing year shipments at 1.535 bb, 9% less than the previous year. Total shipments are neutral for corn, Hultman said.

Weekly export sales of soybeans showed a total of 7.3 mb (199,500 mt) with 6.1 mb (331,600 mt) for the 2017-2018 marketing year. This put total marketing year sales at 2.044 bb, 5% less than the previous marketing year. Weekly export shipments of 19.0 mb (516,100 mt) put total marketing year shipments at 1.712 bb, 9% below what was reported the previous year. Thursday's numbers are bearish for soybeans, Hultman said.

Weekly export sales for all wheat showed a total of 9 mb (231,500 mt) with a cancellation of .7 mb (19,400 mt) for the 2017-2018 marketing year. This puts total marketing year sales at 872 mb, 16% below the previous marketing year. Weekly shipments of 8.5 mb (231,000 mt) put the marketing year total at 823.8 mb, 15% below the previous year. Thursday's numbers are bearish for wheat, Hultman said.

Weekly export sales of grain sorghum (milo) showed 0.5 mb (11,900 mt) with all for the 2017-2018 marketing year. Total marketing year sales of 201.0 mb are up 19% more than the previous marketing year. Weekly export shipments of 0.2 mb (4,400 mt) put total marketing year shipments at 190.3 mb, 24% above what was reported the previous year. The total numbers are neutral for milo, Hultman said.

Todd Hultman can be reached at todd.hultman@dtn.com

Follow him on Twitter @ToddHultman

(BAS)

06/08/18
News Source: 
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